Skandia has seen a rapid rise in the number of advisers writing flexible drawdown business on its pension platform, with figures up 200% in the past 12 months.
Skandia's Collective Retirement Account (CRA) platform now has more than 1,000 flexible drawdown cases in operation. The business said it showed advisers no longer saw annuity purchase as the only option for retirees.
Adrian Walker, pensions expert at Skandia, said: "It is clear that financial advisers are increasingly taking a broader view of their clients retirement needs, and as such are welcoming the more flexible solutions that are available."
Flexible drawdown is available to people who already have a secure pension income in place of at least £20,000. This can come from the state pension, other annuities, or a company pension schemes.
Walker added: "One of the reasons for our increased activity may be the higher number of individuals reaching state pension age. Some of these people will be receiving the most beneficial levels of state pension provision, potentially coupled with final salary company pensions."
He explained this combination would provide an underpin of secure income which made them eligible for flexible drawdown.
"We are encouraged to see more people looking at flexible drawdown to provide a suitable income in retirement from their money purchase pension savings and see this is an important first step in the industry moving away from viewing annuities as the ‘default' solution."
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